Moody's Investors Service expects consolidated operating income of the 52 paper and forest product companies that are rated globally to increase by 2 to 4% over the next 12 to 18 months. Consolidated operating income of the 34 North American companies that are rated are expected to increase 3 to 4% over the outlook period.

Operating earnings from most European producers are expected to decrease over the next year, while operating income from the Service's Latin American issuers is expected to be slightly positive.